InMode Cuts FY2023 Outlook Below View; Shares Down 10% In Pre-market

(RTTNews) - Medical Technology provider, InMode Ltd. (INMD), Wednesday announced a decreased outlook for full year 2023 below analysts' estimates, mainly due to unfavourable economic conditions which resulted in a slowdown in platform sales, particularly in North America.

Following the news, the stock was trading down more than 10 percent in pre-market.

Excluding items, it expects its profit to be between $214 million and $218 million, compared to prior expectations of between $220 million to $225 million.

On adjusted basis, it expects profit per diluted share to be in the range of $2.47 to $2.50, compared to prior estimated range of $2.53 to $2.57,whereas analysts , on average, polled by Thomson-Reuters expect it to be $2.54. Analysts' estimates typically exclude special items.

The company also now expects its revenue to stand between $485 million and $495 million, whereas earlier it expected revenue to be between $500 million and $510 million.

On average, analysts polled by Thomson-Reuters expect the revenue to be $509.33 million.

In pre-market trade Wednesday, InMode was trading down more than 10 percent or $2.58 at $21.04. It had closed at $23.62, down by 4.33% on Tuesday.